However, many economists – and even Federal Reserve Chair Jerome Powell at a press conference on Wednesday – have refrained from calling a recession b
However, many economists – and even Federal Reserve Chair Jerome Powell at a press conference on Wednesday – have refrained from calling a recession because other factors, like the labor market which still adds 372,000 jobs per month, show signs of a strong economy. Both the government and the Fed defer to the National Bureau of Economic Research (NBER) to declare a recession, which takes into account employment, personal income, and industrial production, in addition to GDP growth.
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